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SKECHERS Raises Fourth Quarter and Fiscal 2002 Estimates


MANHATTAN BEACH, Calif.--(BUSINESS WIRE)--Jan. 10, 2003--SKECHERS USA, Inc. (NYSE:SKX), a global leader in lifestyle footwear, today announced that it expects fourth quarter 2002 revenues to be approximately 5% above the top end of the previous guided range of $160 million to $170 million.

The Company believes these higher sales will mitigate a portion of the estimated net loss per share for the fourth quarter from the previous guided range of $0.25 to $0.35. SKECHERS is scheduled to release full results for the fourth quarter during the week of February 17, 2003.

The Company attributes the stronger than anticipated fourth quarter results in part to domestic wholesale shipments of spring 2003 product during December 2002.

"We maintained annual sales in excess of $900 million for the second consecutive year and within approximately 2% of 2001 sales," began David Weinberg, Chief Financial Officer of SKECHERS USA. "We protected our share of the global footwear market despite a weak retail environment, soft consumer spending, a West Coast port strike, and a reduction in revenue from the elimination of our mail order division. This is a testament to the strength of our brand, the diversity of our product lines and our reach across worldwide markets. We now begin 2003 with a strong balance sheet and inventory that is clean and on plan. We believe our strong financial position will provide us with the flexibility to capitalize on future growth opportunities."

Robert Greenberg, Chairman and Chief Executive Officer, concluded, "We are pleased with the initial response to our spring 2003 product and believe the better than expected December sales show our ability to adapt to emerging retail trends. While we believe it is too early to offer guidance for 2003, we anticipate that the response to our spring product along with our powerful advertising campaigns and overall product offering will position us well for the first quarter of 2003 and beyond."